Dear
Reader,
Greetings. India
has always regarded
Africa as one
of its most
important trading
partners. For
that reason,
the vibrant
continent has
been elevated
to the status
of a “Focus”
region. In order
to step up the
two-way trade
between India
and resource-rich
Africa, the
Export-Import
Bank of India
(Exim Bank)
and the Confederation
of Indian Industry
(CII), supported
ably by the
Indian government,
have been jointly
organizing India-Africa
Partnership
Conclaves, the
fourth of which
was held in
March 2008.
Six regional
conclaves had
also been held
in different
African countries
since 2006.
As a logical
corollary towards
consolidating
the previous
gains India,
in association
with the African
Union Commission
and all other
agencies concerned,
organized the
first-ever India-Africa
Forum Summit
in April 2008.
The Summit was
also a strategic
move on India's
part to counter
China's growing
influence in
Africa. Addressing
the Summit,
which was attended
by 14 Heads
of State, a
large number
of diplomatic
personnel and
business delegates
from India and
Africa, Prime
Minister Manmohan
Singh announced
a slew of economic
measures aimed
at further boosting
trade between
the two sides.
These include
duty-free tariff
preferences
for least developed
African countries
and the promise
to double the
Lines of Credit
(LoCs) to Africa
to $5billion.
The Summit issued
a Delhi Declaration,
further cementing
the economic
relations between
India and Africa
for all times
to come. The
current issue
of Indo-African
Business details
the Summit outcome.
The Summit did
not in any way
reduce the importance
of the 4th India-Africa
Partnership
Conclave held
a few days earlier.
In his valedictory
address to the
Conclave, External
Affairs Minister
Pranab Mukherjee
emphasized that
the two-way
trade, which
had risen five-fold
in the five-year
period to 2006-07,
held much bigger
potential and
awaited tapping.
We report. In
our Focus section,
we have highlighted
the annual G8
Summit held
in Japan, at
which the world's
eight rich countries
reiterated their
commitment to
step up aid
to Africa to
$25 billion
a year by 2010.
Export-Import
Bank of India
has reported
an improved
overall performance
for fiscal 2007-08.
The issue carries
the highlights.
We also reproduce
an in-depth
study made by
Exim Bank on
the immense
export potential
of the Indian
mining sector.
India and Egypt,
trading partners
since time immemorial,
have concluded
yet another
agreement under
which the latter
promised to
set up an exclusive
Indian industrial
zone in that
country. We
carry a report.
UNIDO Chief
Kandeh Yumkella
believes that
an agricultural
collaboration
between India
and Africa can
help feed the
entire world.
The issue carries
a report in
its news section.
Besides the
regular features,
the magazine
carries the
usual
French section.
Satya
Swaroop
Managing
Editor
satya@newmediacomm.biz
